
Formally, there is an annual review & feedback cycle. I wrote up a long set of achievements and goals and my manager never bothered to write anything in response. I know a few other people who never even set goals at the beginning of the year. Raises and promotions are completely up to your lead and may or may not be based on performance and ability at all.
The feedback process is very one-sided. Regardless of what you and your manager talk about face to face, the written record will only reflect the manager's comments and NOT yours. So even if you agree to or suggest mitigation steps and action items to improve, the written feedback will NOT reflect any of this. It'll just look like you didn't make any effort. WATCH OUT.
Once a year and executives pick those that are more fixable and fix them. Ignored ones are usually the more serious ones.
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